Gresham House PLC Disposal (8871Z)
September 23 2015 - 2:01AM
UK Regulatory
TIDMGHE
RNS Number : 8871Z
Gresham House PLC
23 September 2015
23 September 2015
Gresham House plc ("Gresham House" or "the Company")
(AIM: GHE)
SALE OF NEWTON LE WILLOWS SITE & COOP BANK FACILITY
Gresham House plc, the specialist asset manager, today announces
that it has completed the sale of 25.8 acres of its site at
Newton-le-Willows to Persimmon Homes Ltd.
The transaction will realise a total of GBP7.25 million net. A
deposit and initial payment of GBP944,610 has been received and the
balance will be receivable in three tranches over the next 42
months. The asset was being carried in the balance sheet at 31
December 2014 at a discounted value of GBP6.81 million.
In addition, Gresham House will be entitled to an overage
payment in the event that Persimmon Homes Ltd achieves a selling
price in excess of an agreed amount per square foot.
Gresham House retains a five acre site with retail planning
permission contiguous to the site sold and will explore options for
this site now the sale of the main residential site has been
completed.
Following negotiations, it has been agreed that the facility
with the Co-op Bank be reset at GBP2.85 million after GBP428,000 of
the initial proceeds from the sale have been applied in reducing
the amount outstanding. The new arrangements have a two year term.
This replaces a previous agreement with the Co-op Bank wherein the
existing facility with the bank of GBP3.278 million as at 31
December 2014 was to be extended by GBP372,000 to fund capital
expenditure at Southern Gateway, Speke and was then subsequently to
be reduced by GBP800,000 of the initial proceeds from the
Newton-Le-Willows site.
Commenting on the sale, Tony Dalwood, Chief Executive of Gresham
House said: "The completion of this sale continues the realisation
of the Company's remaining legacy assets. We remain focused on
developing Gresham House as a specialist asset manager of illiquid
assets both organically and through acquisitions."
-End-
Enquiries:
Montfort Communications
Gay Collins / Rory King:
07798 626282 / 0203 770 7906
Gresham House plc
Anthony (Tony) Dalwood:
020 3837 6270
Liberum Capital Ltd
Neil Elliot/ Jill Li:
020 3100 2000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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